Business checking review methodology
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- 4 - 5 stars is exceptional
- 3 - 4 stars is above average
- 2 - 3 stars is average
- 0 - 2 stars is below average
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How Bankrate rates business checking accounts
Opening a business checking account is a big part of establishing your business. Not only will it impact how easily you manage cash flow, it can also help you down the road if you decide to apply for business financing.
Bankrate can help with your decision. Our editorial team regularly evaluates banks and financial institutions across the country to compile and maintain a list of the best business checking account options. We analyze and review each business checking account using a comprehensive methodology designed to highlight the features that matter most to businesses.
Overall business checking account score
Bankrate evaluates business checking accounts based on four categories. These categories are weighted when determining the final score.
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Core banking functions 35%
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Cost 30%
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Customer experience 25%
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Rewards 10%
Core banking functions
Looking at core banking functions help us evaluate how effectively an institution can meet the basic banking needs of a small business.
These attributes include:
- Minimum deposit to open an account.
- ATM availability.
- Ability to deposit cash and checks.
- Any limitations placed on transactions.
Cost
This category helps us determine the overall cost of opening a checking account at the institution we are evaluating. As a small-business owner, it’s important to understand how much it takes to open and maintain an account, access cash and move money and any penalty fees.
We look at fees such as:
- Monthly service fee.
- ATM fees.
- Transaction fees.
- Cash deposit fees.
- Overdraw fees.
- Insufficient funds fees.
- Return or stop payment fees.
- Wire transfer fees.
Customer experience
Customer experience features of each checking account help us understand what it’s actually like to bank with the institutions on our list.
To evaluate this category, we look at the following features:
- Accessibility of branch locations.
- Availability of live support.
- Mobile app and its rating.
Rewards
All things considered, the rewards category helps us understand what might set certain business checking accounts apart from others, and highlights features that may help business owners make their final decision.
We consider rewards to be:
- APY.
- Cash back on debit card purchases.
- Access/partnerships with other business services.
- Ability to integrate your account with other business software, such as Quickbooks.
How we collect our data
Our editorial team gathers information directly from financial institutions through their websites, customer service representatives and official documentation. We verify all data through multiple sources to ensure accuracy.
We research accounts from national banks, online banks, financial technology companies and credit unions that offer business checking products, giving preference to accounts that are available nationwide.
Review updates
Bankrate typically conducts comprehensive reviews of business savings accounts at least once a year. However, we may update reviews more frequently to reflect significant changes in rates, fees or features that could impact our ratings.